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On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately. Fey Compan
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Answer #1
DATE GENERAL JOURNAL DEBIT CREDIT
Jan 31 Insurance expense (Expense increase) 350
Prepaid Insurance (Asset decrease) 350
(to record insurance expense)

Calculation :

= (12,600/36 months) * 1 month

= $350

.

Option C

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